13 December 2017
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Indirect Tax GST 002007

  • GST collection in November seen at lower than Rs 83,000 cr in October; errant taxpayers face crackdown
    Dec 13, 2017
    Saddled with a massive amount of unverified input tax credit (ITC) claims from the taxpayers, the government fears that the goods and services tax (GST) revenue for November could be lower than Rs 80,000 crore. Government officials told FE that deferment in filing comprehensive triplicate forms (GSTR-1,2 and 3) has left the government with no viable option to check veracity of taxes paid and credits claimed. The finance secretary met revenue department officials from states and Centre on Saturday to analyse the GST collection trend to plug leakages following the reduction in October mop-up to around Rs 83,000 crore.
  • Govt may allow pre-GST stocks to have revised MRP stickers till March
    Dec 13, 2017
    The government is expected to allow use of stickers to display revised maximum retail price (MRP) on unsold pre-GST stocks for three months until March 31, a senior official said. "The department of consumer affairs will most likely extend it, and will issue a directive next week," the government official told ET. The department had earlier extended the deadline from September 30 to December 31. Recent changes in GST rates again created a problem of goods carrying old prices printed on them.
  • CBEC orders taxmen to intensify efforts against uncooperative taxpayers
    Dec 09, 2017
    After receiving ground reports of difficulty faced by tax officials in collecting comparative data from unwilling assessees, the Central Board of Excise and Customs (CBEC) has written to all commissioners urging them to intensify their efforts and challenge the objections raised by taxpayers in sharing information. As FE reported earlier, CBEC had asked tax commissioners to collect granular data of taxes paid and credit availed by assessees under the goods and services tax (GST) for the July-October period and compare the same with data from the corresponding period of last fiscal.
  • 12%, 18% GST rates can be merged to new slab
    Dec 08, 2017
    Bihar Deputy Chief Minister Sushil Modi on Friday said the Goods and Services Tax (GST) Council would examine the possibility of merging the 12 and 18 per cent tax rates to a new slab. Sushil Modi, a member of the GST Council, has also suggested it that price tags displayed on items be inclusive of all taxes. "The GST Council will put an effort to examine the possibility of merging the tax rates of 12 per cent and 18 per cent to a new slab which will be in between the two tax rates. There are about 50 items in the bracket of the 28 per cent tax rate and the number of items can be reduced from the highest rate. "
  • Exporters file over 10k applications for GST refunds
    Dec 04, 2017
    With over 10,000 applications for refunds filed by exporters till November, the GST Network today asked exporters to ensure that the claims do not exceed the GST paid in that month. The Central Board of Excise and Customs (CBEC) had last month started refunds for exporters of goods who have paid IGST and have claimed refund based on shipping bill by filling up Table 6A. Earlier this month, it allowed businesses making zero rated supplies or those who have paid IGST on exports or those want to claim input credit to fill Form RFD-01A.
  • Desi CAs in great demand as UAE looks to implement VAT
    Dec 04, 2017
    Indian chartered accountants (CAs), who have gone through the rigour of interpreting and implementing the Goods and Services Tax (GST), dubbed the most complicated tax law, are in great demand in the United Arab Emirates (UAE) and other Gulf countries these days. Their knowledge of Hindi has become an added advantage for Indian professionals, as many residents of the Gulf are comfortable with the language. UAE will be introducing Value Added Tax (VAT) from January 1, 2018. This is similar to the GST, which came into force in India from July this year. After UAE, other Gulf countries will also be implementing the new tax.
  • Panel set up by government for more GST tweaks
    Dec 02, 2017
    A panel of industry representatives is set to recommend a fresh set of changes in the goods and services tax (GST) to make life easier for businesses. The six-member committee was set up by the government to provide inputs to the GST law review committee, comprising officers, to overhaul the legislation and remove irritants in the new regime that kicked in from July. The government has already undertaken massive changes, including pruning the list of items in the highest bracket of 28% to 50 from over 200 products earlier.
  • More tweaks likely to GST rules
    Nov 30, 2017
    After reducing the rates of more than 200 items in the previous goods and services tax (GST) Council meet, the panel might now significantly tweak rules to simplify procedures and ease rules for businesses. The six-member advisory panel formed by the government for simplification and rationalisation of GST will likely propose a faster refund procedure, deferment of electronic way bill, further simplification of the composition scheme, among others. It is expected to submit its report by the first week of December to the government.
  • IGST refunds: Exporters claim Rs 6500 cr in July-October period
    Nov 30, 2017
    The government on Wednesday said the exporters claim for integrated goods and services tax (IGST) refund amounted to Rs 6,500 crore for the July-October period, and said that the delay in disbursing refunds was primarily due to errors in the tax returns filed by them. It urged the exporters to fill in correct details while filing summary return GSTR-3B and rectify wrong information through jurisdictional customs authority. The IGST refund claim filed by exporters for July-October period amount to Rs 6,500 crore and the quantum of refund of unutilised input tax credit (ITC) stood at Rs 30 crore, the government said in a statement.
  • GST collections dip in October to Rs 83,346 crore
    Nov 28, 2017
    GST collections in October slipped to Rs 83,346 crore, from over Rs 92,000 crore last month, as taxes on most commodities have come down. The total collection of GST+ till November 27 is Rs 83,346 crore for October and 50.1 lakh returns have been filed for the month, a finance ministry statement said. The Centre has released a compensation of Rs 10,806 crore to states for July and August. A compensation of Rs 13,695 crore for September and October is being released, it added.
  • Rs 50,000 crore of exporters' GST refund stuck
    Nov 27, 2017
    At least Rs 50,000 crore worth of goods and services tax (GST) refunds of exporters for four months are stuck, impacting working capital and outbound shipments. Only about Rs 350 crore of refunds on account of integrated GST (IGST) have been released by the government for July, against Rs 750 crore claimed by exporters. Besides, the input tax credits, which form a chunk of GST refunds, are yet to be released. “Refunds are going on. There was a delay on account of unavailability of forms pertaining to refunds on the GST Network.
  • GST return filings for October rise 11% to 4.4 million
    Nov 22, 2017
    Taxpayer compliance under the goods and services tax (GST) system is steadily improving with 4.4 million assessees filing summary of the transactions made in October, an improvement of 11% from the filings reported for the previous month, said an official statement from GSTN, the company that processes tax returns.The statement said the number of taxpayers filing their GSTR 3B returns showed a “marked improvement” with the highest number of assessees filing returns for October till 20th November 2017.Around 56% of the registered taxpayers have filed their GSTR-3B returns for October by 20 November, it said.
  • Govt plans GST sops for digital payments
    Nov 22, 2017
    The Centre has proposed a two percentage point discount in the goods and services tax (GST) for consumers who make digital payments. The proposal is likely to be taken up in the next GST Council meeting in January. The move, if approved, will boost the government efforts to usher in a cashless economy. The incentive will be available to business-to-consumer (B2C) transactions for goods and services that face a GST rate of 3 per cent or more. The incentive will include a 1 per cent concession on the Central GST and another 1 per cent on the state GST.
  • GST rate cuts: CBEC chief tells firms, restaurants to lower prices
    Nov 21, 2017
    Central Board of Excise and Customs (CBEC) Chariman Vanaja Sarna has written to 100 major companies including Colgate-Palmolive, Dabur, Nestle, and Hindustan Unilever, and 15 restaurants including McDonald’s, Café Coffee Day, and MTR, to pass on the benefit of reduction in goods and services tax (GST) rates to consumers.The move comes amid instances of companies and restaurants persisting with high rates, raising profiteering concerns.In a letter to company heads and associations, Sarna asked them to go for a commensurate reduction in the prices of products and give it wide publicity.
  • GST 12% And 18% Slabs May be Merged, Says Arvind Subramanian
    Nov 21, 2017
    Chief Economic Adviser Arvind Subramanian on Tuesday said that the government may consider combining the 12 per cent and 18 per cent slabs for goods and services tax (GST) into one in the coming months. Subramanian further said that the 28 per cent rate may be reserved only for demerit goods in the near future. It has to be noted that the demerit goods are goods whose consumption is considered unhealthy. They include tobacco, alcoholic beverages, recreational drugs, gambling, and junk food among others. Due to the nature of these goods, governments often levy taxes on these goods (specifically, sin taxes), in some cases regulating or banning consumption or advertisement of these goods.
  • After exports witness worst contraction in 15 years, Commerce ministry prepares slew of sops
    Nov 20, 2017
    As exports witnessed the worst contraction in 15 months in October, the commerce ministry intends to step up consultations with the finance ministry on issues relating to the goods and services tax (GST) regime, including the delay in duty refunds, that were widely blamed for the latest export debacle. A mechanism for faster refunds features prominently in the list of issues that the commerce ministry wants settled at the earliest, a senior official told FE. Allowing exporters to use a scrip they get under the critical Merchandise Export from India Scheme (MEIS) to pay GST and treating supplies to export-oriented units from the domestic tariff area (DTA) as deemed exports are other key issues.
  • GST on white goods may be cut; refrigerators, washing machines could soon be cheaper
    Nov 20, 2017
    Indian consumers are likely to reap another round of big benefits in the next round of GST rate rejig. As per reports, the government may soon cut rates on consumer durables such as refrigerators and washing machines, which are currently in the 28% tax bracket. The move is likely to be a significant boost for the sector plagued by excess capacity and slowdown. The economy will get a fillip from the likely consumption boost and better compliance in this key sector. Although the council avoided taking the decision on white goods at the last meeting, experts said a cut in levies was only a matter of time because Modi government has been under pressure from various quarters — including traders, political parties and industry — to simplify and rationalise the GST framework further.
  • Revenue collected under GST in Oct at Rs 95k crore: Sushil Modi
    Nov 20, 2017
    The revenue collected under the Goods and Services Tax (GST) in October was Rs 95,131 crore and average revenue shortfall of states has come down to 17.6 per cent, Bihar Deputy Chief Minister Sushil Modi said today. The government had collected Rs 93,141 crore revenue under the GST in September. Modi, who heads the Group of Ministers (GoM) on GST Network, said the average revenue shortfall of all states for August was 28.4 per cent and it has come down to 17.6 per cent in October."This is a good indication. It shows the system is slowly stabilising," he told reporters here after a meeting of the GoM.
  • After new GST rates rolled out, Centre allows firms to paste new MRP stickers; imposes deadline
    Nov 18, 2017
    The government on Friday, following the changes being put in effect on GST rates on about 200 items, allowed companies to paste a price sticker on packaged products to reflect new maximum retail price (MRP) until December. GST was rolled out on July 1 following which companies were asked to paste new price stickers on packaged commodities to reflect the new maximum retail price (MRP) until September. The deadline was later extended until December. The permission to paste additional price stickers was given under the Legal Metrology (Packaged Commodities) Rules, 2011.
  • Cabinet approves setting up of anti-profiteering body under GST
    Nov 17, 2017
    The Cabinet on Thursday approved setting up of National Anti-Profiteering Authority (NAA) under the Goods and Services Tax, a move that will ensure that businesses pass on the benefit of the recent tax rate cuts to the consumers. "This paves the way for the immediate establishment of this apex body, which is mandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the ultimate consumers by way of a reduction in prices," the government said in a statement.
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